Quote:
Originally Posted by margaretmattson
Not obvious at all. Florida law requires you need a license and to collect /pay sales tax. If you must collect sales tax from someone they are a customer/client. If you need a license to rent the home , you are a business.
But! The deed restriction, right now, is against Florida Law. Looks like lawmakers are trying to make lawsuits like this easier to do. If they succeed, we have a case. A judge is the only who can decide. And, we can get it to court for free.
|
I would just point out that the IRS doesn't consider rental property as a business, it is an investment. You report business income on Schedule C, but you report rental income on Schedule E. Two different types of income.